Dec, 31, 2023 — ELGA CREDIT UNION is a federally insured state chartered credit union headquartered in GRAND BLANC, MI with 14 branch locations and about $1.50 billion in total assets. Opened 56 years ago in 1968, ELGA CREDIT UNION has about 95,703 members and employs 291 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | ELGA CREDIT UNION |
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Address: (Main Office) | 6065 Grand Pointe Blvd GRAND BLANC, MI 48439 |
Phone: | (810) 715-3542 |
Fax: | |
Website: | https://www.elgacu.com |
Branches: | 14 branch locations |
Members: | 95,703 |
Credit Union Type: | Federally Insured State Chartered Credit Union |
Charter Number: | 61797 |
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Membership Type: | State chartered natural person |
Corporate Credit Union: | No |
Year Opened: | 1968 |
Last Audited: | Dec 01, 2022 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $1,499,431,607 |
CEO/Manager: | Terry J Katzur |
Chairperson: | Harold Mott |
ASSETS: | $ Amount |
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Cash & Equivalents | 72,845,543 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 371,144,141 |
Unsecured Loans | 118,341,261 |
Other Loans | 735,509,075 |
TOTAL LOANS | 1,224,994,477 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -16,806,741 |
Land And Building | 28,479,064 |
Other Fixed Assets | 3,573,758 |
NCUSIF Deposit | 9,286,877 |
All Other Assets | 400,842 |
TOTAL ASSETS | 1,499,431,607 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 45 |
Notes & Interest Payable | 34,030,465 |
Accounts Payable & Other Liabilities | 14,948,269 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 173,000,000 |
Share Drafts | 313,666,650 |
Regular shares | 206,317,077 |
All Other Shares & Deposits | 569,640,265 |
TOTAL SHARES & DEPOSITS | 1,089,623,992 |
TOTAL LIABILITIES | 1,311,602,771 |
Regular Reserve | 0 |
Other Reserves | -14,087,022 |
Undivided Earnings | 201,915,858 |
TOTAL EQUITY | 187,828,836 |
TOTAL LIABILITIES, SHARES, & EQUITY | 1,499,431,607 |
INCOME & EXPENSE | |
Loan Income | 70,321,988 |
Investment Income | 5,547,299 |
Other Income | 15,208,106 |
Total Employee Compensation & Benefits | 24,978,003 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 26,295,398 |
Non-operating Income & (Expense) | 193,181 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 15,609,056 |
Cost of Funds | 14,363,858 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 27,892,920 |
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